Citibank CD Rates: April 2024 (2024)

Vault’s Viewpoint on Citibank’s CD Rates

Overall, Citibank CDs aren’t the best around in terms of interest rates. Rates for many of the bank’s CDs sit at 0.05%, and rates vary by location. For rates listed in this article, we’ve used Newsweek’s New York City Zip code (10007).

Citibank CD rates for some accounts are fairly competitive, with the rate for its 6-month CD hitting 4.75% APY. For people seeking variety, Citibank offers three types of CD (fixed rate, step up and no penalty). In addition, the bank delivers 19 different terms for its fixed-rate CDs.

• Most Citibank CD rates sit at a rock-bottom 0.05% APY.
• Citibank’s 6-month fixed-rate CD offers the highest rate at 4.75% APY.
• All Citibank CDs require a minimum deposit of $500.

Overview of Citibank CDs (Fixed-Rate CDs)

The majority of Citibank CD annual percentage yields (APYs) fall below the national average. For instance, Citibank’s rate for a 3-month CD is 0.05% APY, compared with the national average of 1.69%. Similarly, the bank’s 0.05% APY on a 7-month CD is lower than the national average of 1.38%.

Some of Citibank’s CD rates stand out more positively, though. Examples include:

• 2.00% APY for a 1-year CD with a balance below $100,000 and 3.00% APY for balances of $100,000 and up. By contrast, the national average for a 1-year CD is 1.74%.
• 2.00% APY for a 2-year CD, compared with the national average of 1.54% APY.
• 2.00% APY for a 3-year CD, compared with the national average of 1.40% APY.

Overview of Citibank CDs (Step-Up CDs)

Overview of Citibank CDs (No Penalty CDs)

Higher APYs for CDs may apply to customers who qualify for one of Citibank’s relationship tiers. Customers who didn’t own a Citibank checking, savings, CD, IRA or investment account in the 30 days before opening a CD can pick a relationship tier when setting up their CD.

Pros and Cons of a Citibank CD

Pros

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Some customers may be attracted to Citibank’s CDs thanks to an array of terms and account types as well as competitive rates for a select few CDs.

• Competitive rates for some CDs
• 19 fixed-rate CD terms to choose from
• Availability of fixed-rate, step-up and no-penalty CDs

Cons

The biggest disadvantage of Citibank’s CDs is that rates vary by your location, and many pay a Scrooge-like rate of 0.05% APY. On top of that, all CDs require a minimum deposit of $500, though this might not be that high of a hurdle for some customers.

• CD rates vary by location
• Lower-than-average rates on most CDs
• $500 minimum deposit for all CDs

How Much Can You Earn With a Citibank CD?

Given the relatively low APYs on most Citibank CDs, the potential earnings for CDs with common terms are less than impressive.

Here, we show the estimated earnings for CD terms of three months, six months, one year, two years, three years and five years based on a $25,000 deposit. APYs for these CDs range from 0.05% to 2.75%.

How to Open a CD With Citibank

To open a CD with Citibank, go to the Citi website, visit a Citibank branch or call Citibank. The bank operates more than 600 branches in the U.S. If you’re a new Citibank customer wanting to open a CD and deposit over $250,000, you must call 1-800-321-2484 to do so.

If you decide to open a CD online, you’ll:

1. Select a CD term.
2. Click “Apply now.”
3. Enter your first and last name.
4. Enter your date of birth.
5. Enter your Social Security number or Individual Taxpayer Identification Number (ITIN).
6. Plug in employment and income information.
7. Fund the CD.
8. Set up online access (if you don’t already have a Citibank account). This includes creating a username and password.
9. Sign the agreements and disclosures.

Alternatives to a CD With Citibank

High-Yield Savings Account at Citibank

The Citibank Accelerate Savings account earns a standard APY of 4.45%, which is higher than most of the bank’s CD rates. The APY applies to all balances. Unfortunately, this account is only available in certain U.S. markets.

Citibank requires no minimum deposit to open a savings account. The bank charges a $4.50 monthly service fee for a savings account, but it will waive the fee if you meet certain conditions, such as maintaining at least a $500 balance or becoming eligible for one of the bank’s relationship tiers.

Money Market Account at Vio Bank

Vio Bank’s Cornerstone Money Market Savings Account provides a robust APY of 5.30% on all balances. The online-only account requires a minimum deposit of $100 and charges no monthly fee if you opt for paperless statements.

Money market accounts tend to pay higher APYs than savings accounts. However, money market accounts typically restrict the number of transactions you can make by check, debit card or electronic transfer.

Checking Account at Axos Bank

Axos Bank’s online-only, no-fee Rewards Checking account pays an impressive 3.30% APY. However, daily balances above $50,000 won’t earn interest. The bank reimburses all fees charged by ATMs in the U.S.

To sweeten the deal, Axos is offering a $300 cash bonus for customers who open a Rewards Checking account by June 30, 2024. The AXOS300 promotional code must be used when opening the account.

There are strings attached to the bonus, though: To receive the $300, you must fund the account within 30 days of opening it, have qualifying direct deposits of at least $5,000 each month during the first seven months and maintain a minimum average daily balance of $7,000.